Mobile phone payments expected to grow 97%

The rise in the number of people buying smartphones has increased to such an extent that payments made on mobile phones are expected to grow rapidly.

According to a report released yesterday (April 4th) by KPMG, the number of transactions are forecast to grow 97 per cent a year for the next three years, reaching a value of £591 billion by 2015.

This rapid rise is expected to be driven by consumers' growing desire to shop using near field communication technology on smartphones and tablets.

The increase in the number of smartphones being used throughout the world was noted recently in the UK when Kantar Worldpanel ComTech suggested that over 50 per cent of the population now owned a smart device.

“Growth in the m-payments marketplace will be driven by customers' increasing need for convenience and the development of a raft of new applications enabling commerce in the palm of our hands,” senior manager in KPMG's customer and channel consulting team David Hodgkinson commented.

Posted by Claire Marshall

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Written by Mazuma

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